‘Mining sector has potential to generate $20b for govt’ – Official

Oct 2, 2018

The Federal Government will earn over $20 billion from the mining industry in the next eight years, the Mining Cadre Office Director-General, Mr. Mohammed Amate, has said. He said the government has issued over 6,000 licences to miners, adding that it will leverage the potential in the sector to achieve the goal.

In an interview with The Nation, he said the licensing of many miners was aimed at making the industry one of the major contributors to Federal Government‘s earnings, noting that the country relies heavily on oil exports, which accounted for over 70 per cent of its revenue.

Amate said: “If Nigeria can be exporting its crude oil to other countries to develop its economies, what stops the government from doing the same with solid minerals sector, where Nigeria has huge reserves.”

He said through this, the country will move from a mono economy to a multi-faceted economy, adding that the government emphases a diversified economy to encourage growth.